Got college debt? NY has a website for that

Gov. Andrew Cuomo announced today the launch of a website with tips, advice and information for students and parents who are preparing to apply for financial aid to pay for college.

According to the Federal Reserve, the average New York student has $27,310 in student loan debt, the third highest state average in the country, and student loan debt has more than quadrupled in the last decade alone, Gannett's Ashley Hupfl reports.

The website was created by a new division of the Department of Financial Services, the Student Protection Unit, to help students make smart and informed decisions when they go to apply and later pay for loans. (It appeared to be down this morning, though)

“This new website will make it easier than ever for New Yorkers to make informed choices about paying for college,” Cuomo said in a statement. “The Student Protection Unit is the State’s leading advocate for college students and their families, and by launching this website we are empowering New Yorkers with the information they need to properly finance their education and plan for a strong financial future.

The Student Protection Unit was created in January by Cuomo in his executive budget to help protect students from fraud and investigate potential consumer protection violations related to financial aid.

“Governor Cuomo established a Student Protection Unit to serve as an aggressive financial watchdog, but students can often be their own, best first line of defense against scammers,” Benjamin Lawsky, superintendent of Financial Services, said in a statement. “Helping educate student consumers about how to make smart financial choices is a vital part of our mission.”

After the unit was created, the Student Protection Unit issued 13 subpoenas to debt-relief companies to investigate allegations about potentially misleading advertising, improper fees and other consumer protection problems. The investigation is still ongoing.

The Student Protection Unit also created an online “Student Lending Resource Center” with information on the types of financial aid, what to do if you fall behind on payments or end up in default, how to avoid unnecessary and unfair fees and tax credits and deductions available to students.

To file a compliant with the Student Protection Unit about a debt relief company or report other potential abuse, contact the Department of Financial Services Consumer Hotline at 212-480-6400.